Yes, I've heard the back and forth between those who are for or against the tax reform bill. Whatever feelings any of us have about it are best addressed in a voting booth. With all the information and dates flying around, I decided to do some research to find out what the most immediate changes will be for those of us who simply get up and go to work each day to bring home the proverbial bacon.

First and foremost, I am not a tax professional. I went in search of information and am sharing it from what I consider reliable sources.

1

You Will See Effects In Early 2018

The tax reform bill goes into effect January 1, 2018. The most immediate effect wage-earners will see is, most likely, less money being deducted from their paychecks. According to a statement on the IRS website, it could happen as early as February.

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2

It Won't Affect 2017 Income Taxes

Wages for 2017 were earned under the law in place during that year, so the tax rewrites will not apply when you file your taxes before April 17, 2018. The new rules (brackets, standard deductions, etc.) will be in effect when you file your 2018 income taxes at the beginning of 2019.

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3

If You Itemize, Be Aware!

If you itemize and make charitable donations to increase your deduction, Fortune.com suggests making that contribution now. Because of the significant increase in the standard deduction for 2018, you may not be able to take full advantage of a donation made next year.

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4

The Healthcare Penalty For 2017

The tax reform bill does eliminate the penalty for individuals who don't have health insurance, but not until after January 1, 2018. If you didn't have health insurance in 2017 and were subject to the penalty, you will need to address that issue on your tax forms.

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Money.CNN.com did a great job listing things you may want to know about the new legislation that pertains to more than just how it will affect us in the beginning of the new year. It's fair and concise.

The tax reform bill passed this week is over 500 pages long. The IRS and tax professionals will be working diligently to get up to speed as quickly as possible to help us all through the transition.